bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Wednesday 18.01.2017 | Name days: Antis, Antons
LatviaLatvia

Fiscal Discipline Council calls for reforms without increasing deficit

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn general, Latvia’s government complies with fiscal policy conditions; and its goals for the next three years are rather brave. Nevertheless, the Fiscal Discipline Council has found multiple diversions from requirements of the Fiscal Discipline Law in the Stability Programme.

«The council does not support the increase of costs for structural reforms in the country’s healthcare sector at the expense of the state budget. Because of that, the structural balance assessments have to be corrected by EUR 35 million (013% of GDP) for 2017, by EUR 116 million (0.4% of GDP) for 2018 and by EUR 106 million (0.3% of GDP) for 2019,» – said Janis Platais, Chairman of the Fiscal Discipline Council.

The council asks recommendations to be complied with during the development of the medium-term budget in autumn 2016.

On Tuesday, 12 April, the Fiscal Discipline Council published its report in regards to Latvia’s Stability programme for 2016-2019. This report has been sent to the Saeima, Cabinet of Ministers and Finance Ministry.

He council’s overall opinion does not go against the need to introduce structural reforms. «The need for structural reforms is justified by the fact that Latvia’s current economic growth potential is insufficient to allow a convergence to EU’s average level in the nearest foreseeable future,» – comments Morten Hansen, a member of the council. «In order to introduce all the necessary structural reforms, secure sufficient support for investments in infrastructure and enhance the economy’s potential, a strong fiscal position is necessary on top of a brave and clear government strategy,» – he adds.

«Without a doubt, introduction of structural reforms is vital for the development of Latvia’s national economy. Nevertheless, increasing the state debt in order to realize structural reforms is unacceptable even considering the current balanced development of the country’s economy. The council is concerned that the state debt and budget deficit planned for the next couple of years have grown recently in comparison with the original documents. It creates the risk that there may not be sufficient financial reserves for moments of economic decline,» – explains Martins Kazaks, a member of the council.

The Fiscal Discipline Council especially emphasizes the necessity to create fiscal reserves. At the same time, the council points to multiple long-term fiscal risks, including the risk that some residents of working age do not carry out social insurance payments in adequate amounts. The council also mentions the growing demand for services in the country’s healthcare system.

Ref: 102.109.109.8422


Leave a reply

WhatsApp to be provided with bank-contacting functionality

Continuing the digitization process and studying customer habits more intently, it is planned to allow customers resolve matters related to finances using WhatsApp, DNB Bank reports.

U.S. commutes sentence of classified-document-leaker Manning

U.S. President Barack Obama has commuted the sentence of the former U.S. soldier Chelsea Manning, found guilty of stealing and leaking a vast material of classified material to transparency organisations.

Mamikin expects things to get worse in EU after EP elections

MEP Andrey Mamikin predicts the situation in the EU to become worse after elections in the European Parliament and the election of Antonio Tajani as president.

Study results about Latvian schoolchildren urge immediate action

«OECD’s study about the level of knowledge of Latvian schoolchildren urges immediate action. We cannot stop with average results – we have few youngsters, and we cannot afford to give them secondary education,» – said Chairman of Saeima’s European Affairs Committee Lolita Cigane and head of Education, Culture and Science Committee Ilze Vinkele.

Opinions: untrue myths about export in Latvia

Although Latvia is a successful country in Northern Europe, some of the country’s residents believe that all of Latvia’s export depends on Russia and that salvation lies in small wages. Big Event representatives offer their look on what is true.

EHC: Lithuania violated prisoner’s rights with barring internet access

A jail in Lithuania has unjustly barred a prisoner from accessing the internet, according to a ruling by the European Court of Human Rights.

Oil price on a rise in the world; exchange indexes decline in USA and Europe

The price of oil in the world this morning, 18 January, grew in relation to US dollar’s value drop and expectations regarding commercial oil reserves in USA, which compensates on the market the influence from predictions in Russia and USA about oil production increase by the end of 2017.

Association asks to sign proposal on publication of audio recordings from Saeima meetings

In the assessment of deputy quotas the Budget and Finance Committee worked as voting machines. They did not try to assess each proposal’s purpose, states Delna – Society for Openness, urging other to sign a proposal on Manabalss.lv for the publication of audio recordings made during meetings of Saeima committees.

Estonia to raise wages for healthcare workers

Estonian Health Insurance Fund's has allocated a total of 23.6 million euros for raising wages of health care workers, who last year asked for at total of 68 million euros.

Defence cooperation agreement concluded by Estonia and U.S.

Estonia and the U.S. have signed a bilateral agreement on cooperation in the field of defence, which clarifies the legal framework for the presence of American Armed Forces in Estonia.

Influenza epidemic declared in Latvia

On Tuesday, 17 January, Disease Prevention and Control Centre declared the beginning of an influenza epidemic in Latvia.

Vegetable prices in Northern Europe increased by tough weather in south

Due to Italy and Spain having unfavourable weather for growing vegetables, prices of a number of vegetables are likely to increase.

Reirs: Latvia should introduce minimal social fees

In the next year’s budget it will be necessary to plug the EUR 50 million-large hole in the social budget, said Welfare Minister Janis Reirs in an interview to LTV on Tuesday, 17 January.

European Parliament speaker’s election won by Italian Tajani

Italian right-wing politician Antonio Tajani has won the election for the post of the chairman of the European Parliament. The 63-year-old Tajani is a former press representative of convicted former Italian PM Silvio Berlusconi and an ex-European commissioner

In spite of opposition from businessmen, government supports railway electrification project

On Tuesday, 17 January, the Cabinet of Ministers supported Transport Ministry’s and LDz’s proposed project for electrification of the country’s railway network and its further development. The plan provides for the electrification of the railway network from Daugavpils and Rezekne to Riga through Krustpils, as BNN was informed by Transport Ministry.

Study: users still do not make passwords that are sufficiently secure

«Considering the amount of private and confidential information we tend to store on the internet, users should be more careful about security and effective passwords. This seems self-explanatory, but many people, it seems, do not understand how easy it is to make password-management mistakes,» – says Kaspersky Lab consumer commercial manager Andrey Mohola.

SRS uncovers 3,200 litres of illegal diesel fuel in Riga

During an information check regarding possible storage and realization of illegal diesel fuel, State Revenue Service’s Customs Police uncovered illegally stored diesel fuel within a garage territory in Riga on 11 January, 2017.

GFK determines the most popular smart-phones in Latvia

Last year, Latvians were prepared to spend more money on smart-phones than in 2015. According to results of a study by GFK, residents spent EUR 389 on the purchase of a smart-phone on average.

BATL: intention to electrify railway line is either incompetent or is the scam of the century

In spite of the industry’s calls over the past two years, Transport Ministry still has not provided a cargo attraction plan, a unified offer for our cooperation partners. Nor do we have a clearly defined transit strategy and development direction, says Baltic Association – Transport and Logistics.

Poroshenko warns Ukrainians could get disillusioned with Euro-integration

The choice of the people of Ukraine to go the road of deepening ties with the European Union could turn into disappointment if delays with visa regime and association agreement continue, Ukrainian president Petro Poroshenko stated.

Ventspils municipality’s planned budget expenditures are higher than revenue

On 12 January, Ventspils City Council approved the budget for 2017. It is stated in the document that the base budget’s planned revenue is EUR 13,584,298. Budget expenditures are planned at EUR 22,652,396, as reported by Marlena Zvaigzne, editor of Ventspils Novadnieks.

Rating: Estonia best in Baltic in growing and retaining talent

In a rating on the success of countries in growing, attracting and retaining talented workers, Baltic states have all been ranked in the top 33 out of 100 countries.

FM: gradual transfer to electronic procurements is planned

«The procurement field has changed significantly over the past several years. And it is not just because of the new directive announced by the European Parliament and European Council for procurements. One other factor to consider is the aiming for better management, reduction of the administrative burden and more efficient use of public resources,» – reports Finance Ministry’s Legal Department expert Liga Neilande.

Adding more EUR 10m Rail Baltic stops up for analysis, says Ratas

The current project of the international high-speed railway Rail Baltica contains three stops in its Estonian part, while adding more would need careful analysis, stated Estonian Prime Minister Jüri Ratas.

Okmanis: stores should become modern to survive

Competition in the trade sector continues to grow in Latvia, admits Raimonds Okmanis, chairman of Latvian Traders Association.

When do you pay fines for speeding?

View Results

Loading ... Loading ...

Polls Archive



Category feed: Feed: